Main water shut-off valve
The primary valve that halts the flow of water from the water meter into a home.
Maintenance fee
The monthly assessment members of a homeowners' association pay for the repair and maintenance of common areas.
Mansard roof
A roof with four sides that slope upward from the roof edge to the square peak.
Mantel
The facing of stone, marble or other material around a fireplace.
Manufactured housing
Prefabricated homes that can range from simple trailers to larger dwellings.
Market conditions
Factors affecting the sale and purchase of homes at a particular point in time.
Market value
The price that a piece of property sells for at a particular point in time.
Mechanical systems
A home's plumbing, wiring, heating and cooling systems.
Median price
The price of the house that falls in the middle of the total number of homes for sale in that area.
Mint condition
Mint condition, or blue-ribbon condition, refers to a house that looks as close to new as possible.
Mixed-income housing
A neighborhood that contains houses of widely varying prices.
Mortgage
A legal document specifying a certain amount of money to purchase a home at a certain interest rate, and using the property as collateral.
Mortgage broker
A company that matches lenders with prospective borrowers who meet the lender's criteria. The mortgage broker does not make the loan, but receives payment from the lender for services.
Mortgage insurance
Required by lenders in some loans to protect them from a possible default . All conventional loans with less than a 20 percent down payments require private mortgage insurance, or PMI.
Motivated buyer
Any buyer with a strong incentive to make a purchase.
Motivated seller
Any seller with a strong incentive to make a deal.
Move-up buyer
A buyer who has purchased a home before and is looking for a bigger or more expensive home.
Mullion
A vertical dividing bar between window lights or panels.
Multidwelling property
A property that contains individual units for several households but carries only one mortgage.
Multiple listing service (MLS)
The service combines the listings for all available homes in an area, except For-Sale-By-Owner (FSBO) properties, in one directory or database.
Multiple offers
Multiple purchase offers occur in hot markets or hot neighborhoods.
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